Toronto-based Foresters Financial has added a charity benefit feature to its participating whole life insurance product, which will enable clients to support a charity of their choice through their insurance policies.
Foresters announced on Thursday the introduction of the new feature on its Advantage Plus participating whole life insurance product in Canada.
Under the new provision, Foresters will donate an additional 1% of the basic insurance amount to a registered charity designated by the policyowner when a claim is paid. The maximum payout is $100,000.
The payment is made as a donation in the name of the insured. The feature is automatically included on Advantage Plus policies, and it does not require additional premiums. It does not impact the value of the death benefit paid to beneficiaries.
When the donation is made, clients may be eligible for a charitable tax deduction from the charity, according to Foresters.
“This Charity Benefit provision is not only unmatched in the Canadian insurance marketplace, but it integrates the Foresters Purpose of giving back into our product line,” says Rob Baboth, vice president of Canadian sales at Foresters Financial.